8:02 am, April 21, 2023
Car buyers are set to spend more time searching for their next vehicle as concerns over affordability intensify, new data has shown.
A study conducted by eBay Motors Group found that more than a quarter (27 per cent) of in-market buyers expect looking for their next car to be a more time consuming experience.
According to the firm’s latest Consumer Insight Panel research, this is mostly due to rising car prices, with 44 per cent pointing to the issue.
Meanwhile, 34 per cent of those surveyed cited the need to assess running costs and a willingness to search online for the best possible deal.
There was also the issue of powertrain to consider, with 28 per cent of the 2,000 respondents saying they wanted to take more time while they pondered switching to an electrified alternative to petrol or diesel.
Overall, buyers now expect to spend an average of 42 days searching for their next car.
Analysis of the data found that women average 38 days of searching for a vehicle, compared to 46 days for men. Elsewhere new car buyers averaged 45 search days opposed to 40 days for used.
Reacting to the findings, Lucy Tugby, marketing director of eBay Motors Group, said: ‘Our research reveals how pressure on consumer spending means a significant number of buyers will spend longer in the market searching for their next car as they carefully consider their options.
‘With buyers still spending an average of six weeks searching for their next car, it’s important that sales staff appreciate how hard they have already worked and support them in the later stages when leads turn into showroom visits.
‘Furthermore, with some makes and models still facing long delays and nearly new alternatives in short supply, dealers have an opportunity of opening up conversations with some new car buyers about suitable alternatives from their used car inventories.’
